Managing Life, Career, and Money in a Savvy Way!

The Itch To Own Again

It’s weird a feeling. The itch to own a structure, to have a mortgage. To say to people, this is is my house!

There are a lot of opinions on the rent versus buy. Financial practicality aside, owning your home is very emotionally charged.

While we are not ready to buy another home in this new city, a part of me is getting the itch to own again. Sigh…such an irrational itch!

Darn HGTV and your house hunters collection!

Owning the last home (oh wait we still own it) was both satisfying and exhausting. It’s really changed our perspective in terms of what we would want in our next home.

We are enjoying being renters for now. Our apartment is very cute.

Need to remind myself about the downsides of owning a home – the maintenance, the down payment and costs, the permanence. It would limit our ability to move due to a job. Although switching to another company is not an option right now. I need to stay with the company for 3 years to vest my 401K match!

ahh..irrational feelings. Maybe it’s because I’m an immigrant. My immigrant parents are also very attached to their real estate. My mom’s dream is to own a nice little home.

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Yup, we are building up our investments. But at the same time, being in a low interest environment for mortgages is very attractive! Not sure why I’m worrying about it. Our lease doesn’t end till next July. And summer is the worst time to buy because prices are higher.

I don’t know if we could do another fixer upper like our last house. Our parents don’t live nearby and they were so much help. Our relationship suffers going through small/extensive projects. So I think we would need a house that’s mostly ready to move in. Which means higher price tag. Now to what we want. Hardwood floors (no carpet!!!), white kitchen, granite countertops, minimum maintenance yard, updated a/c/furnace, minimum 2 bedrooms, 2 bathrooms. We don’t want a big place. 1000 square feet to 1500 would be fine. In Saint Louis, there are some century old homes. They are beautiful and I want one!!! lol. I also need to think about my commute. I love walking to work. So proximity to the office is important. Yes, funny how things evolve.

Lifestyle inflation! Just kidding. Real estate is somewhat of a passionate subject for me so I figure I know a little too much which gets me in trouble, as they say ignorance is bliss. In regards to your wants/needs there is always a balance that money always tends to put a damper on. Just remember the 3 most important rules of real estate, location, location, location!

“We don’t want a big place. 1000 square feet to 1500 would be fine.” Funny how living in different parts of the country gives you a different perspective! We are a family of 4 (though the 2 kids are small) in NYC and we have like 850 square feet. It’s fine but would be great to have like 1000 to 1400 =) Oh and yea, my immigrant parents would not like if we went back to renting which I’ve considered because housing costs are so high. Although the appreciation is kinda crazy in these parts too and it would be tough to miss out on that.Andrew@LivingRichCheaply recently posted…How Will Your Children Pay For College?

Hi Andrew, 850 square feet is totally doable if the layout is correct. And you’re right depending on where you live it depends on what you consider big or small. I grew up in a small place with my family.

If you know you are going to be somewhere for awhile and have identified the neighborhood that you want to live in. Go for it. If you’re buying just to buy I say skip and continue piling into investments with nice dividends Mustard Seed Money recently posted…You Are Your Greatest Enemy

I don’t think we would buy just to buy. Not sure how long we will be here. Definitely three years. It all depends on job growth. But if the company relocates you, they offer very good incentives…so just need to see what will happen in the next six months.